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Saudi must diversify investments, says top bank

Central Banking staff

14 Jan 2008

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The National Commercial Bank, Saudi Arabia's largest state bank, has called on the government to set up a sovereign wealth fund to cut the country's exposure to the greenback. The central bank should also look at de-pegging the riyal from the dollar.

Most of Saudi Arabia's surplus revenues are now invested in United States Treasury bonds. But Said al-Shaikh, the chief economist at the National Commercial Bank, said: "The continuing weakness of the dollar and declining interest rates would shr